H.4.1 Factors Affecting Reserve Balances of Depository Institutions

of cow FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release February 15, 1973 The average of daily figures for total reserves of member banks increased slightly in the latest statement week to $31,826 million. Required reserves declined while excess reserves and member bank borrowings at Federal Reserve Banks increased. A seasonal decline in float and increases in both currency in circulation and Treasury deposits with Federal Reserve Banks were the major factors absorbing reserves in the latest statement week. A decline in other Federal Reserve liabilities and capital was the only factor supplying a significant amount of reserves. In addition, System Open Market operations provided $110 million reserves net, on a weekly average basis through repurchase agreements. Member bank borrowings were above the average of recent weeks and exceeded excess reserves by $1,799 million compared to $1,118 million for the previous week. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, * Reserve Bank credit, Feb. 14, Feb. 7, Feb. 16, Feb. 14, and related items 1973 1972 1973 1973 Reserve Bank credit: (In millions of dollars) U.S. Government: securities-- Bought outright--System account 70,573 21 +1,084 1/ 70,573 Held under repurchase agreements 162 94 - 244 594 Federal Agency obligations- Bought outright 1,311 + 539 1,311 Held under repurchase agreements 12 12 13 41 Acceptances-- Bought outright 77 - 7 + 8 76 Held under repurchase agreements 32 + 32 14 154 Loans- Member bank borrowings 1,993 + 762 +1,975 2,765 Other Float 2,180 . 393 - 513 2,463 Other F.R. assets 1,336 + 14 + 186 1,390 Total Reserve Bank credit 77,675 + 492 +3,008 79,367 Gold stock 10,410 -- + 433 10,410 Special Drawing Rights certif. acct. 400 400 Treasury currency outstanding 8,347 + 4 + 554 8,347 96,832 + 496 +3,995 98,524 Currency in circulation 64,673 + 396 44,899 64,921 Treasury cash holdings 378 -- - 94 388 Treasury deposits with F.R. Banks 3,233 + 215 + 318 2,809 Foreign deposits with F.R. Banks 290 + 13 + 148 332 Other deposits with F.R. Banks 614 - 25 - 119 615 Other F.R. liabilities and capital 2,396 - 202 + 187 2,470 71,584 + 398 +5,340 71,535 Member bank reserves: With Federal Reserve Banks 25,249 + 98 -1,344 26,990 Currency and coin 6,298 - 84 + 634 6,298 Total reserves held 2/ 31,826 + 14 - 431 33,567 Required reserves 31,632 - 67 - 314 31,632 Excess reserves 2/ 194 + 81 - 117 1,935 NOTE: A net of $112 million of surplus reserves were eligible to be carried forward from the week ended February 7, into the week ending February 14. On February 14, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $32,659 million, an increase of $840 million for the week. 1/ Includes $83 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2_l Adjusted to include $279 million of certain reserve deficiencies on which penalties can be waived for a transition period in connection with bank adaptation to Regulation J as amended effective November 9, 1972. The adjustment amounted to $450 million from November 9, through December 27. * Estimated (Cleveland District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Feb. 14, Feb. 7, Feb. 16- 1973 1973 1972 A S S E TS Gold certificate account 10,303 + 828 Special Drawing Rights certif. accts. 400 Cash (1 ,440) 364 + 7 + 42 Loans 2,765 +1,798 +2,737 Acceptances--Bought outright 76 5 + 8 Held under repurchase agreements 154 + 154 + 79 Federal Agency obligations—Bought outright 1,311 + 519 Held under repurchase agreements 41 + 41 35 U. S. Government securities: Bought outright—Bills 30,429 +1,485 146 Certificates Notes 36,681 + 729 Bonds 3,463 + 159 Total bought outright 1/ 70,573 +1,485 + 742 Held under repurchase agreements ~" 594 + 594 - 635 Total U.S. Government securities 71,167 +2,079 107 Total loans and securities 75,514 +4,067 +3,415 Cash items in process of collection (1,825) 8,995 + 220 -2,903 Bank premises 195 + 1 + 42 Other assets 2/ 1,195 + 85 + 737 TOTAL ASSETS (3,265) 96,966 +4,380 +2,161 LIA1.IL.IT.IES. Federal Reserve notes (1,440) 57,218 + 318 +4,589 Deposits: Member bank—reserves account 26,910 +3,683 - 835 U. S. Treasurer—general account 2,809 - 444 + 278 Foreign 332 + 87 + 187 Other 615 36 + 3 Total deposits 30,666 +3,290 - 367 Deferred availability cash items (1,825) 6,612 + 914 -2,333 Other liabilities and accrued dividends 731 + 90 + 180 TOTAL LIABILITIES (3,265) 95,227 +4,612 +2,069 C A P I T AL A C C O U N TS Capital paid in 801 + 1 + 49 Surplus 793 -- + 51 Other capital accounts 145 - 233 8 Contingent liability on acceptances purchased for foreign correspondents 222 + 13 42 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $83 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies, ** Estimated (Cleveland District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 14, 1973. (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Accept U. S. Government Federal Agency Loans -ances securities obligations Holdings Weekly Holdings Weekly changes Changes Within 15 days 2,762 180 7,261 +2,316 59 +59 16 days to 90 days 3 50 20,043 +4,799 38 -18 91 days to 1 year -- 11,725 -5,036 199 -- Over 1 year to 5 years -- 24,484 -- 618 -- Over 5 years to 10 years -- 6,108 -- 247 -- Over 10 years — 1,546 — 191 — Total 2,765 230 71,167 +2,079 1,352 +41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 14, 1973 * New Phila Rich St. Minne Kansas San Total Boston Cleve Atlanta Chicago Dallas York delphia mond Louis apolis City Francisco land (In millions of dollars) A S. £ E T j> Gold certificate account 10,303 604 1,467 530 744 900 343 2,016 473 159 335 465 2,267 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,440 199 256 54 101 131 213 115 25 26 27 62 231 Other cash 364 19 24 13 41 43 45 45 25 5 43 16 45 Loans 2,765 135 1,519 27 166 82 65 352 19 78 60 121 141 Acceptances: Bought outright 76 — 76 -- -- -- ... -- -- -- -- -- -- Held under repurchase agreements 154 — 154 -- -- -- .- -. -- -- -- -- -- Federal Agency obligations-- Bought outright 1,311 58 341 67 97 96 76 206 48 26 54 61 181 Held under repurchase agreements ! 41 — 41 -- -- -. .- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 30,429 1,354 7,914 1,552 2,264 2,226 1,755 4,776 1,111 611 1,260 1,408 4,198 Certificates: Other Notes 36,681 1,632 9,539 1,872 2,730 2,682 2,116 5,758 1,339 737 1,519 1,697 5,060 Bonds 3,463 154 900 177 258 253 200 543 126 70 144 160 478 Total bought outright If 70,573 3,140 18,353 3,601 5,252 5,161 4,071 11,077 2,576 1,418 2,923 3,265 9,736 Held under repurchase agreements 594 -- 594 -- -- -- — -- -- -- — -- -- Total U.S. Government securities 71,167 3,140 18,947 3,601 5,252 5,161 4,071 11,077 2,576 1,418 2,923 3,265 9,736 Total loans and securities 75,514 3,333 21,078 3,695 5,515 5,339 4,212 11,635 2,643 1,522 3,037 3,447 10,058 Cash items in process of collection 10,820 ; 412 2,004 950 497 909 1,205 1,558 473 407 667 602 1,136 Bank premises 195 29 7 5 27 13 15 16 15 31 17 12 8 Other assets 2/ 1,195 84 288 64 101 82 69 169 39 27 45 54 173 TOTAL ASSETS 100,231 4,703 25,217 5,334 7,059 7,453 6,124 15,624 3,708 2,184 4,186 4,672 13,967 \J Includes $83 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2j Includes assets denominated in foreign currencies. * Estimated (Cleveland District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 14, 1973 * 1 San New Phila Rich St. Minne Kansas Cleve Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 58,658 3,052 14,646 3,582 4,657 5,217 3,031 9,789 2,284 1,036 2,278 2,224 6,862 Deposits: Member bank reserves 26,910 1,005 7,185 902 1,538 1,098 1,717 3,886 709 599 1,003 1,581 5,687 U. S. Treasurer—general account 2,809 171 543 228 205 230 224 190 207 92 204 220 295 Foreign 332 12 1/122 14 26 15 20 45 10 6 12 15 35 Other 615, 2 526 22 -- 15 7 11 2 1 5 5 19 Total deposits 30,666 1,190 8,376 1,166 1,769 1,358 1,968 4,132 928 698 1,224 1,821 6,036 Deferred availability cash items 8,437 361 1,575 471 432 737 885 1,330 415 392 586 506 747 Other liabilities and accrued 731 27 168 30 47 45 119 97 22 18 25 29 104 dividends TOTAL LIABILITIES 98,492 4,630 24,765 5,249 6,905 7,357 6,003 15,348 3,649 2,144 4,113 4,580 13,749 CAPITAL ACCOUNTS Capital paid in 801 33 207 39 72 43 57 127 27 19 34 43 100 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts 145 6 38 7 10 11 9 25 5 3 6 6 19 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 100,231 4,703 25,217 5,334 7,059 7,453 6.124 15-624 3,708 ?:, 1 S4 4,186 4.672 13.967 Contingent liability on ace eptances purchased for foreign correspondents • 222 9 2/58 11 20 12 16 35 7 5 9 12 28 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 61,608 3,261 15,473 3,650 4,854 5,410 3,304 10,156 2,382 1,063 2,368 2,361 7,326 Collateral for F. R. notes: Gold certificate account 2,241 280 -- 250 350 501 — 700 155 -- -- 5 -- U. S. Government securities 61,320 3,010 15,850 3,450 4.700 4.950 3.500 9,900 2,330 1.100 2.450 2.480 7.600 Total collateral 63,561 3,290 15,850 3,700 5,050 5,451 3,500 10,600 2,485 1,100 2,450 2,485 7,600 \J After deducting $210 million participations of other Federal Reserve Banks, * Estimated (Cleveland District). 2J After deducting $ 164 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis